Brics in­dus­try min­is­ters to strengthen ties

The Star Early Edition - - NEWS -

THE SEC­OND meet­ing of Brics (Brazil, Rus­sia, In­dia, China, South Africa) in­dus­try min­is­ters held in Hangzhou, China, has adopted a seven-point “ac­tion plan” on deep­en­ing in­dus­trial co-op­er­a­tion among Brics coun­tries, the Trade and In­dus­try Depart­ment (dti) said yes­ter­day.

The ac­tion plan stated that the world econ­omy was still in a pe­riod of pro­found ad­just­ment af­ter the in­ter­na­tional fi­nan­cial cri­sis, the dti said.

“In­dus­trial sec­tors, the man­u­fac­tur­ing sec­tor, and the ser­vice sec­tors re­lated to it in par­tic­u­lar, have be­come key fac­tors in sus­tain­ing mid- and long-term eco­nomic de­vel­op­ment. The plan also ac­knowl­edges that in re­cent years the new in­dus­trial rev­o­lu­tion fea­tur­ing dig­i­tal­i­sa­tion, net­work­ing, and in­tel­lec­tu­al­i­sa­tion is emerg­ing, chang­ing tra­di­tional pro­duc­tion flows and busi­ness mod­els and giv­ing rise to new in­dus­trial forms,” the dti said.

Trade and In­dus­try Min­is­ter Rob Davies said the ac­tion plan was in­tended to fa­cil­i­tate im­ple­men­ta­tion of the con­sen­sus reached at the first meet­ing of Brics in­dus­try min­is­ters held two years ago in Mos­cow on ex­pand­ing in­dus­trial co-op­er­a­tion in key ar­eas and joint ac­tions, and deep­en­ing mu­tu­ally ben­e­fi­cial and win-win co-op­er­a­tion in in­dus­trial fields, par­tic­u­larly man­u­fac­tur­ing.

Seven points have been iden­ti­fied as key in the plan – strengthen in­dus­trial ca­pac­ity co-op­er­a­tion; strengthen co-or­di­na­tion and match-mak­ing in the field of in­dus­trial poli­cies; pro­mote co-op­er­a­tion in the de­vel­op­ment of new in­dus­trial in­fra­struc­ture; ex­pand co-op­er­a­tion in tech­no­log­i­cal de­vel­op­ment and in­no­va­tion; deepen co-op­er­a­tion in the field of SMEs; strengthen co-op­er­a­tion in the stan­dards area; and fa­cil­i­tate all­round co-op­er­a­tion with the UN In­dus­trial De­vel­op­ment Or­gan­i­sa­tion.

Be­fore the adop­tion of the plan, Davies said the global man­u­fac­tur­ing in­dus­try was con­fronted by the im­pact of the “fourth in­dus­trial rev­o­lu­tion” that would trans­form tra­di­tional man­u­fac­tur­ing as a re­sult of the growth of smart tech­nolo­gies, as in­for­ma­tion and com­mu­ni­ca­tion tech­nol­ogy had be­come more wide­spread in man­u­fac­tur­ing. This had opened the way for dis­rup­tive ap­proaches to de­vel­op­ment, pro­duc­tion, and the en­tire sup­ply chain.

“There­fore, our in­dus­trial de­vel­op­ment strate­gies and in­vest­ment co-op­er­a­tion have to grap­ple with the po­ten­tial threats, in par­tic­u­lar in the con­text of high un­em­ploy­ment and some of the chal­lenges out­lined above. At the same time this presents an op­por­tu­nity to ag­gres­sively ac­quire, trans­fer, and dif­fuse new tech­nolo­gies through se­cur­ing key in­vest­ments from global play­ers in key strate­gic value chains in or­der to build global com­pet­i­tive ca­pa­bil­i­ties,” Davies said.

In­dus­trial de­vel­op­ment co-op­er­a­tion be­tween Brics coun­tries could be used as a spring­board to foster growth, de­vel­op­ment, and job cre­ation, he said.

The plan stated that “to seize de­vel­op­ment op­por­tu­ni­ties brought by the new in­dus­trial rev­o­lu­tion, Brics coun­tries will take joint ac­tion to fully use their ad­van­tages of rich nat­u­ral and hu­man re­sources, and broad do­mes­tic mar­kets.” – ANA

Seven key points have been iden­ti­fied

PIC­TURE: SUP­PLIED

DEEP­EN­ING CO-OP­ER­A­TION: The sec­ond meet­ing of Brics in­dus­try min­is­ters was held in Hangzhou, China.

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